As digital asset treasuries face ‘acute stress,’ this Bitcoin firm continues to buy

Top Bitcoin treasury firm Nakamoto Holdings this week revealed it had sold some of its stash to fund operations. The sale comes as the price of the leading crypto trades nearly 50% below its record.

But other digital asset treasuries — or DATs — are loading up on crypto.

Metaplanet, Japan’s answer to Strategy, is loading up on Bitcoin and is now the third largest DAT after announcing a nearly $400 million buy.

The treasury company still has conviction, despite the DAT sector facing “acute stress”, according to one analyst.

“Companies that leaned heavily on treasury accumulation without building operational self-sufficiency have been most exposed, in several cases forced to liquidate core holdings to fund operations,” Satish Patel, investment analyst at CoinShares, told DL News.

Nakamoto’s sale

Founded by ex-President Donald Trump adviser and Bitcoin Magazine CEO, David Bailey, Nakamoto debuted last year during the DAT boom.

The company merged with Healthcare company KindlyMD to issue debt and buy Bitcoin. It now holds 5,058 Bitcoins worth nearly $338 million, according to BitcoinTreasuries data, making it the 20th largest DAT.

Nashville-based Nakamoto disclosed in a filing that it sold 284 Bitcoin for $20 million in March at an average price of about $70,000. The firm bought its coins at an average cost of $118,171.

Nakamoto’s mNAV — which measures how much equity value an investor pays for every $1 of crypto the company holds — is now priced at a significant discount: The Bitcoin it holds is priced at around $40,700, according to CoinShares data.

“This discount is not a directional view on Bitcoin, but rather reflects structural concerns: dilution risk, ongoing operational burn, and weakened investor confidence following the forced Bitcoin sale,” said Patel.

He added that, as a result, NAKA is “effectively constrained”, and won’t be able scale its Bitcoin holdings via capital markets without eroding shareholder value until the price of Bitcoin surges.

Still, Nakamoto bought two new companies in February — media company BTC Inc and hedge fund UTXO Management — which it says will generate cash flow.

Nakamoto’s Nasdaq-listed stock was trading 3% lower on Thursday, and nearly 95% below its May 2025 record.

Nakamoto didn’t immediately return requests for comment.

Metaplanet keeps going

Tokyo stock exchange-listed Metaplanet has continued to buy.

The firm now holds 5,075 Bitcoin it bought for around $405 million.

But despite not selling any of its crypto, the firm’s stock is well below its peak last year and was trading 84% below its June record.

Mathew Di Salvo is a news correspondent with DL News. Got a tip? Email at mdisalvo@dlnews.com.